Premium Value Received for Multi-National Roll-Up of Three Medical Device Companies

	Medical Device Distributor	2001(A)	2002(A)	2003(A)	2004(A)	2005(P)
1	Annual Revenues - $ Mil	$1.372	$3.156	$8.680	$11.732	$14.665
2	Cash Flow (EBITDA) - $ Mil	$0.246	$0.500	$3.156	$4.338	$5.437
3	Cash Flow (EBITDA) margin - %	17.9%	15.8%	36.4%	37.0%	37.1%

Client's initial value expectation: $14-16 million
	"After receiving over 60 inquires in a few weeks we decided that we generated more then enough interest and subsequently discontinued our marketing efforts. Shortly after, the offers started to roll in. One month later the Client decided to accept the 6th offer of $27.9 million, in cash. Although we received a higher offer, the $27.9 million bid was from a top notch group with substantial experience in the medical device arena."

Rolling Up and Cashing Out
	Bidder Description	Offer Prices & Terms	Total	NPV
1	U.S. Private Equity Group	$15.5M cash, $2.5M note	$18M	$18M
2	$200M U.S. Public Company	$15M cash, $5M - 5 year note, $4M - 2 year earnout	$24M	$23.6M
3	$10B European Public Co	$19M cash	$19M	$19M
4	U.S. Private Equity Group	$25M cash, $5M - 3 year note	$30 M	$29.1M
5	$200M U.S. Public Company	$25M cash, $7.9M - 3 year earnout	$32.9M	$31.6M
Accepted Offer
6	U.S. Private Equity Group;	$27.9M cash	$27.9M	$27.9M